On Monday, Feb. 22, the White House announced several changes to the Paycheck Protection Program (PPP) that went into effect on Wednesday, Feb. 24. These changes are intended to further target “the smallest businesses and those that have been left behind in previous relief efforts.”1
If you’re a small business owner in need of financial assistance, you may find these changes helpful in securing a PPP loan:
Change #1: Two-Week Exclusive Application Period
Change #2: Adjustments to the Loan Calculation Formula
Change #3: Reduce Non-Fraud Felony Restrictions
Small business owners in many sectors of the economy have been impacted by the ongoing pandemic. While vaccination rollouts are helping to slow the spread of COVID-19, businesses across the country are continuing to grapple with capacity limitations, shutdown orders, and other economic hurdles. If you’re a small business owner struggling to make ends meet, now may be an opportune time to apply for a PPP loan. If you have any questions regarding this process or your eligibility, please contact our office. We may be able to point you in the direction of additional resources.
1. WhiteHouse.gov, February 22, 2021
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
Changes to Paycheck Protection
February 27, 2021